Prime industrial rents in each of the regions have remained stable over the past 12 months, with demand strengthening and take up showing signs of improving after two years of reduced activity. In contrast, the supply of floor space has ticked up, with a number of new schemes completing and second hand availability beginning to rise. The inner M25 markets continue to attract the highest rents, with Canning Town in East London still registering prime rents at £32.50 psf and Tottenham/Edmonton at £28.50 psf.  The highest prime rent in the Outer M25 market is at Thurrock Essex, where values have remained stable at £16.50 psf.  Secondary rents have also stabilised, although there have been some signs of weakening in certain locations.   

The growth in prime industrial rents slowed to 1.1% in the 12 months to the end of September 2024, although most locations in the Glenny Rent Survey saw values remain stable.  Twelve of the 16 locations monitored have seen rents remain at levels set at the start of the year, with three locations registering increases.  Only one location has registered a decline in rents since the start of the year, with Dartford/Belvedere values peaking later than most other locations.   Outer M25 locations continued to exhibit stronger growth than Inner M25 locations, a trend which began back in late 2022.  The strongest growth in the Outer M25 region was registered in Ashford, Kent, where values moved to a new high for the location at £11.00 psf.    

Canning Town continues to be the highest rented location in the Eastern M25 region, with values standing at £32.50 per sq ft at the end of Q3 2024, with other locations in London, Tottenham/Edmonton and Charlton/Woolwich now standing at £28.50 per sq ft and £25.00 per sq ft respectively.

Owner occupier capital values per sq ft indicated some improvements over the past six months following the declines which began in h2 2022.  Prime owner occupier capital values are now 17% below the peak level recorded in Q1 2022.        

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Key Contact

John Bell

Equity & Managing Partner, Head of Commercial Agency

020 3141 3500
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